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Monday, September 10, 2007

ATM fees to be abolished?

One of the less customer-friendly aspects of Germany's banking system are the fees levied when you withdraw cash from an ATM of another bank (or at least one which isn't part of your bank's ATM network). Fees range from 4 to 7.50 Euro, and can quickly add up if you take out cash without much thought.

Fortunately the free market is beginning to work its magic: a number of newer "direct banks" (ones without their own branch network) and some smaller banks (including Citibank, Deutsche Kreditbank, Volkswagen Bank and ING Diba) have started offering free withdrawals from any of Germany's 53,000 Geldautomaten. The larger "high street" banks are being forced to react and are now talking with each other with a view to abolishing ATM charges. However, nothing has been decided yet. We'll keep you posted.

Posted at 10:25 AM in